Accounting MCQs

1590 MCQs  (Page 1 of 159)

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Accounting MCQs Subcategories
Accounting McqsAuditing
Auditing McqsEconomics
reduction in price is called:
A. Paid price
B. Invoice price
C. Book price
D. Discount
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Which of the following is not true about opinion on financial statements?
A. The auditor should express an opinion on financial statements.
B. His opinion is no guarantee to future viability of business
C. He is responsible for detection and prevention of frauds and errors in financial statements
D. He should examine whether recognised accounting principle have been consistently
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The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by
A. 17,000 (overstated.
B. 12,000 (understated.
C. 7,000 (overstated.
D. 7,000 (understated.
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Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?
A. 5,80,000
B. 5,50,000
C. 5,00,000
D. 5,75,000
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Depreciation is a process of____________?
A. Valuation
B. Valuation and allocation
C. Allocation
D. Appropriation
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The term ‘Audit’ is derived from a Latin word “audire” which means___________?
A. To inspect
B. To examine
C. To hear
D. To investigate
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A systematic way to maintain the books of accounts is called_________?
A. Accountancy
B. Economics
C. Book keeping
D. Auditing
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An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A. Accounting
B. Accountancy
C. Auditing
D. Book keeping
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The maintenance of accounts in a systematic way is called__________?
A. Accounting
B. Reading
C. Book keeping
D. Auditing
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Goods Return by the customer are termed as :
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
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Word of the Day
10 Jul
Spur
a thing that prompts or encourages someone; an incentive.
اکسانے والی بات، آر،مہمیز

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